Item 5
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 5 (a)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Chief Financial Officer / Treasurer Mitch Sears, Chief Executive Officer
SUBJECT: Monthly Treasurer’s Report (Informational Item) – January 31, 2025 DATE: April 10, 2025
RECOMMENDATION:
Accept the Treasurer’s report on VCE’s cash, investments, debt, and unaudited financial statements (with comparative year to date information) and Actual vs. Budget year to date for the month ending January 31, 2025.
BACKGROUND & DISCUSSION:
The attached financial statements are prepared in a form to satisfy the debt covenants with River City Bank pursuant to the Line of Credit and are required to be prepared monthly.
The Financial Statements include the following reports:
• Statement of Net Position
• Statement of Revenues, Expenditures and Changes in Net Position • Statement of Cash Flows
In addition, Staff is reporting the Actual vs. Budget variances year to date ending January 31, 2025.
Financial Statements for the period January 1, 2025 – January 31, 2025 In the Statement of Net Position, VCE, as of January 31, 2025, has a total of $54,115,369 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, and $1,800,000 restricted assets related to supplier deposits. On January 31, 2025, VCE’s net position was $67,997,433.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $7,928,249 of revenue (net of allowance for doubtful accounts), of which $7,885,224 was billed in , and $3,520,129 represents estimated unbilled revenue. The cost of electricity for the January revenue totaled $3,129,228 For January, VCE’s gross margin was approximately 61% and the net income totaled $4,733,721. The year-to-date change in net position was $4,733,721.
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were $2,267,787 due to January cash receipts of revenues being more than the monthly cash operating expenses.
Bank Account Balances (as of 11/30/2024):
Operating Account: $ 28,355,581
Insured Cash Sweep Account: $ 27,408,974
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 5,216,031
Total Cash on Deposit $ 62,077,616
Note: VCE receives 4.45% interest earnings for the average balance on the ICS account and CAISO operational account equal to the Local Agency Investment Fund (LAIF) state investments rate. January 2025 earnings were $122,958.
VCE’s Outstanding Loan Balances (as of 1/31/2025):
Valley Clean Energy Alliance has available at the financial institution a line of credit totaling $11,000,000 with $7,000,000 withdrawal limit, which expires on April 15, 2026. The related debt outstanding at the close of business on January 31, 2025 was $0. VCE has issued, but undrawn, letters of credit for a total of $3,897,000 for regulatory and power purchase requirements.
Actual vs. Budget Variances for the year to date ending January 31, 2025 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – $1,251,737 and 19% – Favorable variance due commercial customer billing being delayed by PG&E and colder temperatures impacting residential revenues compared to forecast. • Purchased Power – $926,772 and 23% – Favorable mainly due to lower load driven by wet winter reducing agriculture compared to forecast and power cost contingency was not required. • Labor & Benefits $99,162 and 57% – Favorable Variance due to vacancy for additional budgeted positions.
• Programs $545,263 – Favorable Variance due to timing differences in 2024 year end accruals and actual payments.
Attachments:
1) Financial Statements (Unaudited) January 1, 2025 to January 31, 2025 (with comparative year to date information.)
2) Actual vs. Budget for the year to date ending January 31, 2025
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF JANUARY 1 TO JANUARY 31, 2025
PREPARED ON APRIL 2, 2025
2 ASSETS
Current assets:
Cash and cash equivalents 54,115,369
Accounts receivable, net of allowance 10,007,179
Accrued revenue 3,520,129
Prepaid expenses 117,864
Inventory - Renewable Energy Credits -
Other current assets and deposits 7,022,914
Total current assets 74,783,454
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 75,883,454
LIABILITIES
Current liabilities:
Accounts payable 228,208
Accrued payroll 112,570
Interest payable -
Due to member agencies (0)
Accrued cost of electricity 3,860,216
Other accrued liabilities 1,810,192
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 74,835
TOTAL LIABILITIES $ 7,886,021
NET POSITION
Net position:
Local Programs Reserve 1,085,585
Restricted 1,100,000
Unrestricted 65,811,848
TOTAL NET POSITION $ 67,997,433
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
JANUARY 31, 2025
(UNAUDITED)
3 FOR THE
PERIOD ENDING
JANUARY 31, 2025 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 7,928,249 $ 7,928,249
Other revenue (73,470) (73,470)
TOTAL OPERATING REVENUES 7,854,779 7,854,779
OPERATING EXPENSES
Cost of electricity 3,129,228 3,129,228
Contract services 151,759 151,759
Staff compensation 75,838 75,838
General, administration, and other (112,807) (112,807)
TOTAL OPERATING EXPENSES 3,244,017 3,244,017
TOTAL OPERATING INCOME (LOSS) 4,610,763 4,610,763
NONOPERATING REVENUES (EXPENSES)
Interest income 122,958 122,958
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 122,958 122,958
CHANGE IN NET POSITION 4,733,721 4,733,721
Net position at beginning of period 63,263,712 63,263,712 Net position at end of period $ 67,997,433 $ 67,997,433 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
JANUARY 31, 2025
4 FOR THE
PERIOD ENDING
JANUARY 31, 2025 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 6,724,201 $ 6,724,201 Payments received from other revenue sources (73,470) (73,470) Receipts for security deposits with energy suppliers - - Payments to purchase electricity (3,724,357) (3,724,357) Payments for contract services, general, and adminstration (582,748) (582,748) Payments for member agency services - -
Payments for staff compensation (75,838) (75,838)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 2,267,787 2,267,787
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Principal payments of Debt - -
Interest and related expenses - -
Other Non Operating Revenue - -
Net cash provided (used) by non-capital financing activities - -
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of nondepreciable assets
Acquisition of capital assets
Net cash provided (used) by capital and related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income 122,958 122,958
Net cash provided (used) by investing activities 122,958 122,958 NET CHANGE IN CASH AND CASH EQUIVALENTS 2,390,745 2,390,745 Cash and cash equivalents at beginning of period 51,943,413 51,943,413 Cash and cash equivalents at end of period 54,334,158 54,334,158 Cash and cash equivalents included in:
Cash and cash equivalents 54,115,369 54,115,369
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 55,215,369 $ 55,215,369 (UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
JANUARY 31, 2025
(WITH YEAR TO DATE INFORMATION)
5 FOR THE
PERIOD ENDING
JANUARY 31, 2025 YEAR TO DATE
Operating Income (Loss) $ 4,610,763 $ 4,610,763
Depreciation expense
Increase (decrease) for uncollectible accounts 78,700 78,700 (Increase) decrease in net accounts receivable (1,313,136) (1,313,136) (Increase) decrease in accrued revenue (70,831) (70,831) (Increase) decrease in prepaid expenses 4,732 4,732
(Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits (22,574) (22,574) Increase (decrease) in accounts payable (521,223) (521,223) Increase (decrease) in accrued payroll (38,904) (38,904) Increase (decrease) in due to member agencies - -
Increase (decrease) in accrued cost of electricity (595,130) (595,130) Increase (decrease) in other accrued liabilities - -
Increase (decrease) security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges - - Increase (decrease) in security deposits from energy suppliers 109,585 109,585 Increase (decrease) in user taxes due to other governments 25,805 25,805 Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 2,267,787 $ 2,267,787
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided (used) by
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
JANUARY 31, 2025
VALLEY CLEAN ENERGY
2025 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 01/31/25
Description YTD
Actuals
YTD
Budget
YTD
Variance
% over
/-under
Total Revenues $ 7,977,737 $ 6,726,000 $ 1,251,737 19%
Electric Revenue $ 7,928,249 $ 6,586,000 $ 1,342,249 20% Interest Revenues $ 122,958 $ 80,000 $ 42,958 54%
Reimbursable Revenues $ (73,470) $ 60,000 $ (133,470) -222% Purchased Power $ 3,129,228 $ 4,056,000 $ (926,772) -23% Purchased Power Base $ 3,129,228 $ 3,863,000 $ (733,772) -19% Purchased Power Contingency 5% $ - $ 193,000 $ (194,969) -101% Labor & Benefits $ 75,838 $ 175,000 $ (99,162) -57%
Salaries & Wages/Benefits $ 48,194 $ 144,000 $ (95,806) -67% Contract Labor $ 16,202 $ 16,000 $ 202 1%
Human Resources & Payroll $ 11,442 $ 15,000 $ (3,558) -24% Office Supplies & Other Expenses $ 21,536 $ 39,700 $ (18,164) -46% Technology Costs $ 7,119 $ 3,200 $ 3,919 122%
Office Supplies $ 673 $ 1,000 $ (327) -33%
Travel $ - $ 500 $ (500) -100%
CalCCA Dues $ 13,720 $ 16,000 $ (2,280) -14%
CC Power $ - $ 18,000 $ (18,000) -100%
Memberships $ 24 $ 1,000 $ (976) -98%
Contractual Services $ 158,151 $ 208,400 $ (50,249) -24% Other Contract Services (e.g. IRP) $ - $ 6,000 $ (6,000) -100% Don Dame $ 175 $ 1,800 $ (1,625) -90%
Wholesale Energy Services (TEA) $ 72,350 $ 72,000 $ 350 0% 2030 100% Renewable & Storage $ - $ 2,500 $ (2,500) -100% Customer Support Call Center $ 76,486 $ 80,500 $ (4,014) -5% Operating Services $ 14,541 $ 10,000 $ 4,541 45%
Commercial Legal Support $ - $ 2,000 $ (2,000) -100%
Legal General Counsel $ 1,891 $ 7,000 $ (5,109) -73%
Regulatory Counsel $ (18,292) $ 17,000 $ (35,292) -208% Joint CCA Regulatory counsel $ - $ 1,600 $ (1,600) -100% Legislative - (Lobbyist) $ 5,500 $ 5,750 $ (250) -4%
Accounting Services $ - $ 250 $ (250) -100%
Financial Consultant $ - $ 2,000 $ (2,000) -100%
Audit Fees $ 5,500 $ - $ 5,500 100%
Marketing $ (1,199) $ 31,000 $ (32,199) -104%
Marketing Collateral $ (1,199) $ 27,000 $ (28,199) -104% Community Engagement Activities & Sponsorships $ - $ 4,000 $ (4,000) -100% Programs $ (170,763) $ 374,500 $ (545,263) -146%
Program Costs (Rebates, Incentives, etc.) $ - $ 60,000 $ (60,000) -100% Member Agency Advisory Services $ - $ 13,000 $ (13,000) -100% AG Fit $ (170,763) $ 300,000 $ (470,763) -157%
PIPP Program $ - $ 1,500 $ (1,500) -100%
Rents & Leases $ 1,950 $ 4,100 $ (2,150) -52%
Hunt Boyer Mansion $ 1,950 $ 2,100 $ (150) -7%
Lease Improvement $ - $ 2,000 $ (2,000) -100%
Other A&G $ 26,925 $ 51,700 $ (24,775) -48%
Development - New Members $ - $ 2,100 $ (2,100) -100%
Strategic Plan Implementation $ 306 $ 6,400 $ (6,094) -95% Strategic Plan Update & Community Focus Group $ - $ 10,000 $ (10,000) -100% PG&E Data Fees $ 21,887 $ 25,000 $ (3,113) -12%
Insurance $ 4,732 $ 8,000 $ (3,268) -41%
Banking Fees $ - $ 200 $ (200) -100%
Miscellaneous Operating Expenses $ 2,350 $ 1,000 $ 1,350 135% Contingency $ - $ 20,000 $ (20,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 3,244,016 $ 4,961,400 $ (1,717,384) -35% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ 1,764,600 4,733,721 $
Item 5
VALLEY CLEAN ENERGY ALLIANCE
Staff Report – Item 5 (b)
______________________________________________________________________________ TO: Board of Directors
FROM: Edward Burnham, Finance and Operations Director / Treasurer Mitch Sears, Chief Executive Officer
SUBJECT: Monthly Treasurer’s Report (Informational Item) – February 28,2025 DATE: April 10, 2025
RECOMMENDATION:
Accept the Treasurer’s report on VCE’s cash, investments, debt, and unaudited financial statements (with comparative year to date information) and Actual vs. Budget year to date for month ending February 28,2025.
BACKGROUND & DISCUSSION:
The attached financial statements are prepared in a form to satisfy the debt covenants with River City Bank pursuant to the Line of Credit and are required to be prepared monthly.
The Financial Statements include the following reports:
• Statement of Net Position
• Statement of Revenues, Expenditures and Changes in Net Position • Statement of Cash Flows
In addition, Staff is reporting the Actual vs. Budget variances year to date ending February 28,2025.
Financial Statements for the period February 1,2025 – February 28,2025 In the Statement of Net Position, VCE, as of February 28,2025, has a total of $55,930,697 in its checking, money market and lockbox accounts, $1,100,000 restricted assets for the Debt Service Reserve account, and $1,800,000 restricted assets related to supplier deposits. On February 28,2025, VCE’s net position was $70,041,126.
In the Statement of Revenues, Expenditures, and Changes in Net Position, VCE recorded $5,153,282 of revenue (net of allowance for doubtful accounts), of which $5,105,787 was billed in February, and $3,849,110 represents estimated unbilled revenue. The cost of electricity for the February revenue totaled $2,983,760. For February, VCE’s gross margin was approximately 43% and the net income totaled $2,043,693. The year-to-date change in net position was $6,777,414.
Item 5
In the Statement of Cash Flows, VCE cash flows from operations were $1,635,504 due to February cash receipts of revenues being less than the monthly cash operating expenses.
Bank Account Balances (as of 02/28/2025):
Operating Account: $ 30,068,437
Insured Cash Sweep Account: $ 27,502,314
Debt Service Account: $ 1,100,000
CAISO Operational Account: $ 5,273,398
Total Cash on Deposit $ 63,977,149
Note: VCE receives 4.45% interest earnings for the average balance on the ICS account and CAISO operational account equal to the Local Agency Investment Fund (LAIF) state investments rate. February 2025 earnings were $112,067.
VCE’s Outstanding Loan Balances (as of 2/28/2025):
Valley Clean Energy Alliance has available at the financial institution a line of credit totaling $11,000,000 with a $7,000,000 withdrawal limit, which expires on April 15, 2026. The related debt outstanding at the close of business on February 28,2025 was $0. VCE has issued, but undrawn, letters of credit for a total of $3,897,000 for regulatory and power purchase requirements.
Actual vs. Budget Variances for the year to date ending February 28,2025 Below are the financial statement line items with variances >$50,000 and 5% • Electric Revenue – $622,086 and 5% – Favorable variance due commercial customer billing being delayed by PG&E and colder temperatures impacting residential revenues compared to forecast. • Purchased Power – $1,404,012 and 19% – Favorable mainly due to lower load driven by wet winter reducing agriculture compared to forecast and power cost contingency was not required. • Labor & Benefits $196,110 and 57% – Favorable Variance due to vacancy for additional budgeted positions.
• Programs $926,636 – Favorable Variance due to AgFIT timing differences in 2024 year end accruals and actual payments.
Attachments:
3) Financial Statements (Unaudited) February 1,2025 to February 28,2025 (with comparative year to date information.)
4) Actual vs. Budget for the year to date ending February 28,2025
VALLEY CLEAN ENERGY ALLIANCE
FINANCIAL STATEMENTS
(UNAUDITED)
FOR THE PERIOD OF FEBRUARY 1 TO FEBRUARY 28, 2025
PREPARED ON APRIL 2, 2025
2 ASSETS
Current assets:
Cash and cash equivalents 55,930,697
Accounts receivable, net of allowance 9,275,131
Accrued revenue 3,849,110
Prepaid expenses 97,461
Inventory - Renewable Energy Credits -
Other current assets and deposits 7,080,281
Total current assets 76,232,680
Restricted assets:
Debt service reserve fund 1,100,000
Total restricted assets 1,100,000
TOTAL ASSETS $ 77,332,680
LIABILITIES
Current liabilities:
Accounts payable 239,524
Accrued payroll 123,102
Interest payable -
Due to member agencies (0)
Accrued cost of electricity 3,067,698
Other accrued liabilities 2,026,160
Security deposits - energy supplies 1,800,000
User taxes and energy surcharges 35,070
TOTAL LIABILITIES $ 7,291,555
NET POSITION
Net position:
Local Programs Reserve 1,085,585
Restricted 1,100,000
Unrestricted 67,855,541
TOTAL NET POSITION $ 70,041,126
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF NET POSITION
FEBRUARY 28, 2025
(UNAUDITED)
3 FOR THE
PERIOD ENDING
FEBRUARY 28, 2025 YEAR TO DATE
OPERATING REVENUE
Electricity sales, net $ 5,153,282 $ 13,081,532
Other revenue - (73,470)
TOTAL OPERATING REVENUES 5,153,282 13,008,062
OPERATING EXPENSES
Cost of electricity 2,983,760 6,112,987
Contract services 101,541 253,300
Staff compensation 78,052 153,889
General, administration, and other 58,304 (54,504)
TOTAL OPERATING EXPENSES 3,221,657 6,465,673
TOTAL OPERATING INCOME (LOSS) 1,931,626 6,542,389
NONOPERATING REVENUES (EXPENSES)
Interest income 112,067 235,025
Interest and related expenses - -
Other Non Operating Revenues - -
TOTAL NONOPERATING REVENUES (EXPENSES) 112,067 235,025
CHANGE IN NET POSITION 2,043,693 6,777,414
Net position at beginning of period 67,997,433 63,263,712 Net position at end of period $ 70,041,126 $ 70,041,126 (WITH COMPARATIVE YEAR TO DATE INFORMATION)
(UNAUDITED)
VALLEY CLEAN ENERGY ALLIANCE
STATEMENT OF REVENUES, EXPENDITURES AND
FEBRUARY 28, 2025
4 FOR THE
PERIOD ENDING
FEBRUARY 28, 2025 YEAR TO DATE
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from electricity sales $ 5,567,484 $ 12,291,684 Payments received from other revenue sources - (73,470) Receipts for security deposits with energy suppliers - - Payments to purchase electricity (3,776,277) (7,500,634) Payments for contract services, general, and adminstration (132,860) (715,608) Payments for member agency services - -
Payments for staff compensation (22,843) (50,487)
Return of security deposits to energy suppliers - -
Other cash payments - -
Net cash provided (used) by operating activities 1,635,504 3,951,485
CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES
Principal payments of Debt - -
Interest and related expenses - -
Other Non Operating Revenue - -
Net cash provided (used) by non-capital financing activities - -
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of nondepreciable assets
Acquisition of capital assets
Net cash provided (used) by capital and related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income 112,067 235,025
Net cash provided (used) by investing activities 112,067 235,025 NET CHANGE IN CASH AND CASH EQUIVALENTS 1,747,571 4,186,510 Cash and cash equivalents at beginning of period 51,943,413 51,943,413 Cash and cash equivalents at end of period 53,690,984 56,129,923 Cash and cash equivalents included in:
Cash and cash equivalents 55,930,697 54,115,369
Restricted assets 1,100,000 1,100,000
Cash and cash equivalents at end of period $ 57,030,697 $ 55,215,369
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
FEBRUARY 28, 2025
(WITH YEAR TO DATE INFORMATION)
(UNAUDITED)
5 FOR THE
PERIOD ENDING
FEBRUARY 28, 2025 YEAR TO DATE
Operating Income (Loss) $ 1,931,626 $ 6,542,389
Depreciation expense
Increase (decrease) for uncollectible accounts 50,900 129,600 (Increase) decrease in net accounts receivable 714,625 (550,317) (Increase) decrease in accrued revenue (328,981) (399,813) (Increase) decrease in prepaid expenses 4,732 9,465
(Increase) decrease in inventory - renewable energy credits - - (Increase) decrease in other assets and deposits 15,670 (6,904) Increase (decrease) in accounts payable 11,316 (509,907) Increase (decrease) in accrued payroll 10,532 (28,372)
Increase (decrease) in due to member agencies - -
Increase (decrease) in accrued cost of electricity (792,517) (1,387,647) Increase (decrease) in other accrued liabilities - -
Increase (decrease) security deposits with energy suppliers - - Increase (decrease) in user taxes and energy surcharges - - Increase (decrease) in security deposits from energy suppliers 57,367 166,952 Increase (decrease) in user taxes due to other governments (39,766) (13,960) Increase (decrease) in advances from public purpose programs - - Net cash provided (used) by operating activities $ 1,635,504 $ 3,951,485 (UNAUDITED)
FEBRUARY 28, 2025
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED (USED) BY OPERATING ACTIVITIES
Adjustments to reconcile operating income to net cash provided (used) by
VALLEY CLEAN ENERGY ALLIANCE
STATEMENTS OF CASH FLOWS
(WITH YEAR TO DATE INFORMATION)
VALLEY CLEAN ENERGY
2025 YTD ACTUAL VS. BUDGET
FOR THE YEAR TO DATE ENDING 02/28/25
Description YTD
Actuals
YTD
Budget
YTD
Variance
% over
/-under
Total Revenues $ 13,243,086 $ 12,621,000 $ 622,086 5%
Electric Revenue $ 13,081,531 $ 12,341,000 $ 740,531 6% Interest Revenues $ 235,025 $ 160,000 $ 75,025 47%
Reimbursable Revenues $ (73,470) $ 120,000 $ (193,470) -161% Purchased Power $ 6,112,988 $ 7,517,000 $ (1,404,012) -19% Purchased Power Base $ 6,112,988 $ 7,159,000 $ (1,046,012) -15% Purchased Power Contingency 5% $ - $ 358,000 $ (380,709) -106% Labor & Benefits $ 153,890 $ 350,000 $ (196,110) -56%
Salaries & Wages/Benefits $ 103,402 $ 288,000 $ (184,598) -64% Contract Labor $ 34,671 $ 32,000 $ 2,671 8%
Human Resources & Payroll $ 15,817 $ 30,000 $ (14,183) -47% Office Supplies & Other Expenses $ 39,887 $ 79,400 $ (39,513) -50% Technology Costs $ 10,749 $ 6,400 $ 4,349 68%
Office Supplies $ 1,099 $ 2,000 $ (901) -45%
Travel $ - $ 1,000 $ (1,000) -100%
CalCCA Dues $ 27,440 $ 32,000 $ (4,560) -14%
CC Power $ - $ 36,000 $ (36,000) -100%
Memberships $ 599 $ 2,000 $ (1,401) -70%
Contractual Services $ 276,896 $ 416,800 $ (139,904) -34% Other Contract Services (e.g. IRP) $ - $ 12,000 $ (12,000) -100% Don Dame $ 675 $ 3,600 $ (2,925) -81%
Wholesale Energy Services (TEA) $ 141,850 $ 144,000 $ (2,150) -1% 2030 100% Renewable & Storage $ - $ 5,000 $ (5,000) -100% Customer Support Call Center $ 76,486 $ 161,000 $ (84,514) -52% Operating Services $ 17,041 $ 20,000 $ (2,959) -15%
Commercial Legal Support $ 11,395 $ 4,000 $ 7,395 185%
Legal General Counsel $ 1,050 $ 14,000 $ (12,950) -93%
Regulatory Counsel $ (3,251) $ 34,000 $ (37,251) -110%
Joint CCA Regulatory counsel $ - $ 3,200 $ (3,200) -100% Legislative - (Lobbyist) $ 11,000 $ 11,500 $ (500) -4%
Accounting Services $ - $ 500 $ (500) -100%
Financial Consultant $ - $ 4,000 $ (4,000) -100%
Audit Fees $ 20,650 $ - $ 20,650 100%
Marketing $ (6,534) $ 62,000 $ (68,534) -111%
Marketing Collateral $ (6,534) $ 54,000 $ (60,534) -112% Community Engagement Activities & Sponsorships $ - $ 8,000 $ (8,000) -100% Programs $ (176,636) $ 749,000 $ (925,636) -124%
Program Costs (Rebates, Incentives, etc.) $ - $ 120,000 $ (120,000) -100% Member Agency Advisory Services $ - $ 26,000 $ (26,000) -100% AG Fit $ (176,636) $ 600,000 $ (776,636) -129%
PIPP Program $ - $ 3,000 $ (3,000) -100%
Rents & Leases $ 3,900 $ 8,200 $ (4,300) -52%
Hunt Boyer Mansion $ 3,900 $ 4,200 $ (300) -7%
Lease Improvement $ - $ 4,000 $ (4,000) -100%
Other A&G $ 56,820 $ 103,400 $ (46,580) -45%
Development - New Members $ - $ 4,200 $ (4,200) -100%
Strategic Plan Implementation $ 3,589 $ 12,800 $ (9,211) -72% Strategic Plan Update & Community Focus Group $ - $ 20,000 $ (20,000) -100% PG&E Data Fees $ 43,767 $ 50,000 $ (6,233) -12%
Insurance $ 9,464 $ 16,000 $ (6,536) -41%
Banking Fees $ - $ 400 $ (400) -100%
Miscellaneous Operating Expenses $ 4,461 $ 2,000 $ 2,461 123% Contingency $ - $ 40,000 $ (40,000) -100%
0 0
TOTAL OPERATING EXPENSES $ 6,465,672 $ 9,327,800 $ (2,862,128) -31% Interest on RCB Term loan $ - $ - $ - 100%
NET INCOME $ 3,293,200 6,777,414 $